Prospects for integration of state-owned and private sector companies discussed

Muscat: Oman Investment Authority (OIA) organised the third workshop for ‘Rawabit’ programme on Sunday. 

Present at the programme were chairmen of boards of directors of state-owned companies, chief executive officers, senior businessmen in the Sultanate and representatives from Oman Chamber of Commerce and Industry (OCCI).

The programme aims to come up with a unified framework for the governance of state-owned companies and achieve empowerment and integration with the private sector.

The third workshop of ‘Rawabit’ programme explored prospects for integration between the state-owned companies and the private sector’s companies, how to achieve the desired objectives of that integration and identify the targeted sectors. 

OIA aims to enable the private sector to enter into strategic partnerships within the companies and investments it supervises, and to study opportunities for allocating rates in some of the existing state-owned companies according to specific and studied criteria.

This move aims to enhance the private sector’s role in economy and create in-country value (ICV) for the Sultanate.

OIA seeks through the real partnership between state-owned companies and the private sector to create investment opportunities and generate remunerative returns from disassociations, achieve economic diversification, invest in new promising sectors, supply capital markets, improve local products and stimulate small and medium establishments (SMEs).

Rawabit programme management’s team reviewed the governance frameworks, policies and guiding principles that have been implemented within ‘Rawabit’ programme, including the Board of Directors’ Charter, decisions guaranteed for shareholders, profit distribution, risk management, information security, legal affairs, internal auditing, communication and media, tenders and purchases, which will take effect before the end of 2020.